Magmatic Resources Ltd (ASX:MAG) is encouraged by the copper-gold porphyry potential demonstrated by a 64-hole aircore geochemistry program completed to the north of the Lady Ilse Prospect at the 100%-owned Wellington North Project adjacent to the Boda-Kaiser discovery of Alkane Resources in Central West NSW.
Assay results have been received with gold and copper mineralisation intersected in multiple shallow holes highlighting the potential for a Boda-style porphyry system at Lady Ilse.
The results, including 6 metres at 0.80 g/t gold and 0.15% copper from 12 metres, have almost doubled the contiguous, near-surface gold and copper anomalism to more than 1,200 metres in length and, what’s more, the trend is completely open to the north.
Encouraging results
An aircore program was recently completed in a sparsely explored area north and northwest of the Lady Ilse Prospect, comprising 64 aircore holes for 598 metres designed to test the geochemistry of basement through the shallow cover at the prospect. Holes ranged from 1 to 30 metres in depth and averaged just over 9 metres in depth.
Encouraging gold-copper mineralisation was intersected in multiple holes, including:
- 17 metres at 0.37 g/t gold and 0.10% copper from 6 metres to the end of hole (EOH) including 6 metres at 0.80 g/t gold and 0.15% copper from 12 metres;
- 3 metres at 0.47 g/t gold from 0 metres to EOH;
- 3 metres at 0.44 g/t gold from 6 metres;
- 3 metres at 0.42 g/t gold from 0 metres; and
- 6 metres at 0.20 g/t gold from 12 metres.
Best copper interval
Magmatic says the 17-metre result is particularly significant, representing the best copper and second-best gold interval returned from nearly 150 aircore holes drilled in the Lady Ilse region.
Mineralisation in this hole is untested to the west, with ground conditions restricting access to this area during the recent aircore program.
In addition to the higher-grade intervals, the results have nearly doubled the footprint of the Lady Ilse system, extending contiguous gold and copper anomalism to more than 1,200 metres from south to north.
Plan of Lady Ilse Prospect showing gold and copper anomalism defined by current and previous aircore drilling, along with selected results from the current program (bold) and from previous RC and diamond drilling.
Prospect is still open
Elevated gold and copper values were also intersected in the northernmost line of aircore holes with the trend open to the north.
The northern area targeted by the recent aircore program is not tested by RC or diamond drilling and Magmatic’s technical team is modelling the new multi-element data with existing geophysical datasets to develop a follow-up program and evaluate potential follow-up drill sites.
Further to the west on the Wellington North Project, inclement weather through mid-July has delayed the start of the planned RC drilling program at Rose Hill.
This program of 3-5 RC holes is planned to test the shallow copper-gold potential of the prospect is scheduled to begin as soon as ground conditions allow.
Rose Hill hosts intrusion-related mineralisation including a previous intersection of 71 metres at 0.43% copper, 0.30 g/t gold and 57ppm moly from surface.
Exploration ramping up
The Wellington North work forms part of Magmatic’s continued ramp-up of exploration across all three of its East Lachlan projects following execution of a farm-in and JV agreement at the Myall Project with Fortescue (ASX:FMG) and successful placements in March and May this year.
The company is exploring multiple high-priority targets at Wellington North including Boda Southwest, Rose Hill and Lady Ilse, with all three targets prospective for porphyry discoveries similar to the Boda-Kaiser system immediately to the west.
Alkane Resources’ Boda and Kaiser deposits represent one of eastern Australia’s most significant recent gold-copper discoveries and host a resource base of 14.7 million gold-equivalent ounces.